Excavation work is underway on the site of a planned 12-story, 110-unit mixed-use building at 79 Avenue D, in the Alphabet City section of the East Village. The developer, L+M Development Partners, has also secured $52.8 million in construction financing. The latest building permits indicate the project will encompass 114,422 square feet and rise 120 feet above street level, not including the bulkhead.
There will be 7,693 square feet of retail space on the ground floor, which has been pre-leased by Rite Aid. The apartments on the floors above will be rentals and should average 807 square feet apiece. Twenty percent of them, or 22 units, will rent at below-market rates through the affordable housing lottery. GF55 Partners is responsible for the architecture and completion is expected in 2018.
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